Norman Industrial Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00600515 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

Norman Industrial Estates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M N Wheeler

M A R Wheeler

Mrs S W Wheeler

SECRETARY:

C M N Wheeler

REGISTERED OFFICE:

Eldo House

Kempson Way

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

00600515 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Investment property

4

2,069,580

2,069,580

CURRENT ASSETS

Debtors

5

100,000

6,250

Cash at bank

13

13

100,013

6,263

CREDITORS

Amounts falling due within one year

6

76,962

59,262

NET CURRENT ASSETS/(LIABILITIES)

23,051

(52,999

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,092,631

2,016,581

CREDITORS

Amounts falling due after more than one year

7

(400,820

)

(316,972

)

PROVISIONS FOR LIABILITIES

9

(79,467

)

(89,036

)

NET ASSETS

1,612,344

1,610,573

CAPITAL AND RESERVES

Called up share capital

10

9,000

9,000

Non distributable reserve

1,509,692

1,500,123

Retained earnings

93,652

101,450

SHAREHOLDERS' FUNDS

1,612,344

1,610,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 March 2019 and were signed on its behalf by:

Mrs S W Wheeler - Director

M A R Wheeler - Director

C M N Wheeler - Director

1.	STATUTORY INFORMATION

Norman Industrial Estates Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described below, the directors are required

to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates

are recognised in the period in which the estimate is revised if revision affects only that and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the

process of applying the Company's accounting policies and that have the most significant effect on the amounts

recognised in the financial statements.

Revaluation of investment properties

The Company carries investment properties at fair value, with changes in fair value being recognised in the

income statement ad transferred to a non-distributable reserve. The Directors have determined fair values on a

property by property basis at open market value based on assumptions on expected yield given the location

and nature of the property comparable to other known sales or potential sales in the region. Where considered

appropriate, the directors seek formal or informal valuations by land and estate agents.

Turnover

Turnover represents rental income, excluding value added tax. Where rents are received from customers in

advance, the amounts are recorded as deferred income and included within creditors due within one year.

Where rents are received after the period to which they relate to, an amount is recognised in trade debtors to

accrue outstanding rents.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on reducing balance

Office equipment - 25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use

and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is

lower, the carrying amount of the asset is written down to its estimated recoverable amount and an

impairment loss is recognised in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other

related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value

of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected

to be paid or received. However if the arrangements of a short-term instrument constitute a financing

transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of

interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset

or liability is measured, initially and subsequently, at the present value of the future payment discounted at a

market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate, which is an approximation of the amount that the

company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Going concern

The directors have assessed the company cash requirements over the upcoming year and are confident that the

projected profits, as well as the support of the directors and the bank will mean the company will continue to

operate as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

2,069,580

NET BOOK VALUE

At 31 March 2018

2,069,580

At 31 March 2017

2,069,580

Fair value at 31 March 2018 is represented by:

£

Valuation in 2015

787,496

Valuation in 2017

801,663

Cost

480,421

2,069,580

If the investment properties had not been revalued they would have been included at the following historical

cost:

2018

2017

£

£

Cost

480,421

480,421

Investment properties were valued on a review basis on 31 March 2018 by the directors .

In line with the provisions of FRS 102 Section 16 relating to investment properties, investment properties are

shown at market value as estimated by the directors. Revaluations are shown through the income statement

and deferred tax is calculated on these as appropriate. Any unrealised gains/losses on the revaluation of

properties are shown in a non-distributable reserve on the balance sheet.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

6,250

Other debtors

100,000

-

100,000

6,250

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

22,824

14,801

Trade creditors

-

3,360

Taxation and social security

34,201

31,397

Other creditors

19,937

9,704

76,962

59,262

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

400,820

316,972

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

12,462

14,801

Bank loans

411,182

316,972

423,644

331,773

The bank borrowings are secured with fixed and floating charges over the assets of the company.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Revaluation adjustment

79,467

89,036

Deferred

tax

£

Balance at 1 April 2017

89,036

Credit to Income Statement during year

(9,569

)

Balance at 31 March 2018

79,467

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

9,000

Ordinary shares

£1

9,000

9,000

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S W Wheeler.